We present an ideology-free macroeconomic model that consists of eight equations extended from the IS-LM model by including a three-factor production function plus its input supplies and conditional factor demands, and we analyze comparative static changes via elasticities. We apply the model to a diagnosis of the present global economy by simulating parameter values that are either economically plausible or reflective of the prevailing world conditions into the eight equations and make normative analyses of different policies.
|Keywords:||Global Economic Model, Complete IS-LM, Economic Elasticity|
Professor, Management, Providence College, Providence, USA
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